Jul 25, 2011 9:30am PDT
shouldn't have said it. [laughter] >> jon: i wonder if wendi deng would approve of willie geist's scowl. no. seriously, her scowl puts his scowl... makes his scowl almost look like approval. you know what that means, scowl-off. let me try. here we go. oh, boy, i feel terrible. rushing this morning to get a cab, and i accidentally knocked someone over. i know, willie, bad. i'm sorry. although many my defense, pregnant people take up a lot of room, and... oh, oh. anyway, that was rupert murdoch. what about england's second most powerful man, david cameron, whose hiring of the former "news of the world" editor andy colson as his press secretary despite colson having resigned in the first round of "news of the world" accusations. >> crunch time for david cameron. lawmakers are determined to ask him questions about what many consider an uncomfortably close relationship between him and rupert murdoch's empire. cameron ended a trip to africa early to make this appearance. >> jon: wow. ended a trip to be openly questioned by parliament. okay. i'll bite. if he's willing to do this, i imagine it'
Jul 25, 2011 7:00am PDT
markets. let's get a reality check from abc's countdown team. jake tapper at the white house. jon karl on capitol hill. bianna golodryga from the new york stock exchange. looking at the asian and european markets overnight, there seems to be concern but not panic yet, bianna. >> reporter: that's right. wall street seems to be patient with washington. markets opening blower. just about 130 points lower. not the knee jerk reaction that people were fearful of. things are still at an impasse. even though the markets aren't selling off, people are concerned about what's still on the table a credit downgrade. the s&p says the u.s. could lose its aaa ratings in the next three months. that would mean that interest rates go higher. it would be more difficult for people to get a loan out there. and it could be a big burden for this economy, as we're just starting to recover. george? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. that has not happened. it seems, the only thing that everyone seems to be accepting th
Jul 25, 2011 7:00am EDT
? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. the only thing that everyone seems to be accepting that any deal won't include any new tax increase. >> that's the big deal. you have harry reid coming up with a plan for democrats. that he says includes $2.7 trillion in spending cuts over the next ten years and gives the president the debt ceiling increase that takes him all of the way to 2013. republicans are already saying that those -- his plan includes gimmicks and phantom cuts. so the republicans are coming up with their plan, which would include about $1 trillion in cuts now. it would require the president to come back to congress next year to ask for another debt ceiling increase. >> that's the huge sticking point for the white house. the president has made it clear time and time again that he won't sign a short-term increase. he squashed it at the meeting last night. >> republicans leaders have said that as well. they didn't want any short-term solution to this problem. they changed their tune on this. white house said